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3 Economic Benefits of Legalizing Weed in The United States

Cannabis is becoming the 21st-century medical miracle. For decades, it was illegal to grow, possess, or even use marijuana. Statistics show that arrests on cases touching marijuana were higher than for all violent crimes combined.

But that’s not the case anymore.

Different states in the United States, including California, are legalizing the growth, possession, and use of marijuana. Its proven medical benefits include chronic pain relief, anxiety reduction among other health benefits.

Yes, the production and sale of marijuana may be legal, but be careful about where you make the purchase. Take your time to search for a dispensary near me for all cannabis-related purchases. In this way, you’ll be assured of getting quality products.

Here are the primary economic benefits of legalizing the use of marijuana.

  1. Higher Tax Collections

Like other products, the production and sale of cannabis products lead to higher revenue collections. According to statistics, the state of California has been collecting a 15% excise tax on sale retail sales of marijuana since 2016.

But that’s not all! The farmers pay $9.65, $2.89, and $1.35 per ounce for flowers, trim and fresh cannabis respectively. For instance, the total collections for the third quarter in 2019 stood at $845.3 million.

The state government is responsible for determining the usage of these funds. In most cases, the resources are channeled towards maintaining cannabis regulatory agencies, youth education, public education programs, environmental protection, and law enforcement.

  1. Generates Income through Job Creation

Yes, it is now legal to produce, sell and consume marijuana. The impact of this legalization has led to the creation of 6,208 full-time jobs in this sector.

But that’s not all! It has also contributed to the creation of countless indirect jobs like marketers, lawyers, medical experts, and data mining.

The economic advantages of increased job creation are exponential. For instance, it supports economic growth while improving the living standards of individual employees. The use of cannabis is still a subject for further research, thus creating more jobs for researchers and data analysts.

  1. Reduces Social Stigma

As earlier stated, the number of people arrested for possession of marijuana surpassed those arrested for violent crimes. The budgetary allocation for these arrests in terms of food, court hearings are costly.

The legalization of cannabis use saves the government a lot of money. It can redirect these resources to vital projects like healthcare, infrastructure, security, and education.

Yes, it’s no longer a crime to handle marijuana in California. With zero crime records, more people can secure gainful employment. The resultant effect, security in the area improves due to reduced crime.

The Bottom Line

Legalizing the growth, possession, and use of marijuana has positive social impacts leading to economic growth. With the acceptance, using marijuana becomes less taboo thus reducing discrimination that’s otherwise associated with illegal activities.

Even better, people can choose to buy cannabis from a dispensary of their choice. Here, cannabis contains less than three percent of THC compound to prevent any harm or addiction. As such, cannabis consumption doesn’t prevent one from performing their duties.

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